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St Barbara (SBM) investor relations material
St Barbara Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Feasibility Study for the New Simberi Gold Project confirmed a long-life, low-cost asset with annual production to exceed 200koz at AISC of US$1,100–1,400/oz over 13 years, with the PNG government approving a mining lease extension to 2038.
Pre-Feasibility Study for the 15-Mile Processing Hub in Nova Scotia outlined a project with over 100kozpa production for 11+ years at AISC US$708–1,432/oz and a post-tax payback of less than one year.
Agreements signed for Lingbao Gold to acquire 40% and Kumul Minerals 20% of the New Simberi Gold Project, providing A$370M and A$100M in funding, respectively; both transactions expected to close with FID at end of Q3 FY26.
Institutional Placement raised A$58M to advance Simberi and Nova Scotia projects; total cash, bullion, and investments at A$187M as of 31 Dec 2025, with no bank debt or hedging.
Gold sales in Q2 FY26 totaled 10,169oz at an average realized price of A$6,404/oz; Simberi operations contributed A$13M in cash flow.
Financial highlights
Q2 FY26 gold production at Simberi was 9,057oz at AISC of A$6,518/oz, down from 11,158oz in Q1 FY26 due to processing issues.
Total cash, bullion, and listed investments stood at A$187M, including A$87M restricted cash; no bank debt.
Growth capital expenditure in Q2 FY26 was A$22M, with A$19M spent on Simberi expansion projects.
Exploration expenditure for Q2 FY26 was A$3M.
Simberi’s FY26 production guidance remains 54,000–70,000oz at AISC A$4,000–4,400/oz, with expectations now for the lower end of production and higher end of cost guidance.
Outlook and guidance
FID for the New Simberi Gold Project and completion of Lingbao and Kumul transactions expected at end of Q3 FY26.
Simberi’s annual production is anticipated to be at the lower end of guidance, with AISC at the upper end due to Q2 underperformance.
Gold production at Simberi expected to increase by over 50% in H2 FY26 compared to Q2.
Development of the 15-Mile Processing Hub and Touquoy Restart in Nova Scotia progressing, with improved permitting environment.
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